Lulu Group makes a U-turn, eager to invest in AP under new govt
In 2019, the company said it would never invest in the State after the YS Jaganmohan Reddy-led dispensation allegedly revoked land allotments
Amaravati: Abu Dhabi-based Lulu group international, a diversified conglomerate, which vowed to never return to Andhra Pradesh after exiting the State during the previous YSRCP regime, has made a turnaround and is eager to invest here.
In 2019, the company had said it would never invest in the State after the YS Jaganmohan Reddy-led dispensation allegedly revoked land allotments.
Under the TDP government between 2014 and 2019, Lulu Group had inked a pact to build an international convention centre, shopping mall and a luxury hotel in the port city of Visakhapatnam at an investment of Rs 2,200 crore but had to abandon those plans with the change in government.
However, the heartening volte-face comes in the wake of a meeting between Chief Minister N Chandrababu Naidu and Lulu Group chairman and managing director MA Yusuff Ali in Amaravati.
“I’m pleased to welcome the chairman & MD of Lulu Group International, MA Yusuff Ali back to Andhra Pradesh. We discussed plans for a mall and multiplex in Vizag, hypermarket and multiplexes in Vijayawada and Tirupati,” said Naidu in a post on X.
I’m pleased to welcome the Chairman & MD of Lulu Group International, Mr @Yusuffali_MA, and the Executive Director, Mr Ashraf Ali MA, back to Andhra Pradesh. I had a very productive meeting with their delegation in Amaravati today. We discussed plans for a Mall and multiplex in… pic.twitter.com/itk1RuUIHX
— N Chandrababu Naidu (@ncbn) September 28, 2024
Investments in the food processing sector across the southern State also featured in the meeting between the CM and Ali.
“The GoAP (Government of Andhra Pradesh) shall extend every possible cooperation and support. I wish my friend (Ali) all the best in his endeavours and look forward to a fruitful partnership for the development of Andhra Pradesh,” added Naidu.
Lulu Group is a major player in the Middle East with an annual turnover of $8 billion and 70,000 employees. The company has interests in hypermarkets, shopping malls, import & distribution, trading, shipping and IT, among others.
It operates in the UAE, India, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman, Egypt, Malaysia, and Indonesia and has distribution companies located in the Far East, Europe, United States, Africa, Asia, and Australia.
